40 Percent of Small-Business Owners Don't Have Retirement Savings
A survey shows that three out of four respondents have no plan on how they will fund their retirement.
Many small-business owners are depending on the sale of their company to be their nest egg. But as Tim Masset, regional president of BMO Harris Bank, says, “It’s important to have personal retirement savings outside of your business because the value of that business can fluctuate significantly over the years."
Every small-business owner needs to set up a retirement vehicle such as a SEP, 401(k) or IRA. The best savings for retirement are made on a monthly basis. These should be invested conservatively, since being a small-business owner is so risky. Talk to a financial advisor for a tax-friendly plan.
Read the full article in Black Enterprise.
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